CLINTON, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.5 million acquisition loan for Clinton Plaza, a 97,000-square-foot shopping center located at 200 Clinton Blvd. in Clinton, about 12 miles west of Jackson. The tenant roster includes Big Lots, Family Dollar and Beauty Zone. David Johnson of MMCC’s Atlanta office arranged the loan through CRE Bridge Equity on behalf of the undisclosed borrower. The seller and sales price for Clinton Plaza was not disclosed.
NORTH WALES, PA. — CBRE has brokered sale of The Shoppes at English Village, a 103,325-square-foot retail center in North Wales, about 25 miles north of Philadelphia. Trader Joe’s anchors the property, which was 95 percent leased at the time of sale. Other tenants include LensCrafters, Athleta, CycleBar, Hallmark, Chopt and Talbots. Chris Munley, Colin Behr, Ryan Sciullo, Casey Benson Smith, R.J. Mirabile and Michael Pascavis of CBRE represented the seller, MetLife Investment Management, in the transaction. Adam Spengler and Tom Traynor, also with CBRE, arranged acquisition financing on behalf of the buyer, Nuveen Real Estate.
NEW YORK CITY — Fitness operator HAPIK has signed a lease to open a 15,000-square-foot indoor climbing gym in the Sunset Park area of Brooklyn. The gym will be located within Building 6 at the 35-acre Industry City mixed-use development and will feature 50 climbing walls, two rope courses and private event spaces. Chase Welles of TSCG represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co., in the lease negotiations. The tenant representative was not disclosed.
SAN ANTONIO — San Antonio International Airport (SAT) has broken ground on a new $1.2 billion terminal. The project will feature up to 17 gates, more than 800,000 square feet of new terminal space, 35,700 square feet of concessions and 29,000 square feet of club lounges. SAT says the groundbreaking represents a significant step in its commitment to meeting the increasing demands of global air travel. Featuring a modern, accessible design, enhanced passenger amenities and the latest technology, the terminal “will expand SAT’s capacity and deliver an elevated travel experience for millions.” The construction of the new terminal is part of the airport’s Terminal Development Program (TDP), which will guide future development of the airfield, terminal facilities, ground access and support infrastructure over the next 20 years. TDP is the cornerstone of Elevate/SAT, a $2.5 billion expansion and capital improvements plan to enhance SAT, the customer experience and the San Antonio region. Elevate/SAT is the largest capital improvement plan that the City of San Antonio has undertaken, according to a release. Over its lifespan, the economic impact of TDP is estimated to be $2.8 billion and is anticipated to generate more than 16,000 new jobs. TDP is the result of …
By Hayden Spiess Though uncertainty — economic, political and otherwise — has been a theme of 2024, retail real estate markets throughout the Northeast have proven itself reliably strong. Even certain headwinds like high construction costs and minimal quality space to accommodate growth have ultimately helped fuel robust fundamentals throughout the region. Now, brokers, investors and developers in those markets are looking ahead with optimism and faith in persisting tailwinds. Quality Space Shortage Vacant retail space in Northeast markets has been hard to come by this year, and professionals in the region aren’t expecting that to change anytime soon. The equation, they say, is simple. While retailers’ appetite for expansion has remained healthy, new construction and deliveries have been very limited. “Almost nothing has been built in the past 10 years,” says Dan Zelson, principal with Charter Realty. “There’s really just very little new product.” Steve Gillman, partner at The Shopping Center Group (TSCG), notes that while some smaller, single-tenant buildings may still be coming on line, “nobody is building a big strip center with 100,000 square feet.” “There’s that imbalance of supply and demand: demand by the retailer and lack of supply of space,” adds Daniel Taub, senior …
APPOMATTOX COUNTY, VA. — Avaio Digital Partners plans to develop a $3 billion data center campus in Central Virginia. The data center developer and operator is an affiliate of Avaio Capital. The firm recently purchased a 452-acre site from the Appomattox County Economic Development Authority that is zoned for data center development. The shovel-ready site is located atop long-haul fiber networks, according to Avaio Digital. The developer has secured 300 megawatts of power from CVEC (Central Virginia Electric Cooperative) and Dominion Energy for the development. Details about the construction timeline were not released.
GOODLETTSVILLE, TENN. — Dollar General plans to open approximately 575 new stores in the United States in its fiscal year 2025, which ends Jan. 30, 2026. The Goodlettsville-based discount retailer will also debut 15 new stores in Mexico in that time frame. The new store count is in addition to Dollar General’s expected 730 new store openings in fiscal 2024, which will end on Jan. 31, 2025. Overall, the company expects to execute nearly 5,000 real estate projects in fiscal year 2025, including 4,250 store remodels and relocating 45 stores.
FALLS CHURCH, VA. — Trammell Crow Co. (TCC) has signed a 68,000-square-foot lease with The Johns Hopkins Health System Corp. at The Wellness Center at West Falls in Falls Church. The nonprofit will occupy the fourth, fifth and sixth floors of the 126,000-square-foot property. Andy Thau, Conn Curry and Yorke Allen of JLL are leasing and marketing the remainder of The Wellness Center. The LEED Gold-certified, Class A medical office building that has been open and operating since February. Located at 7171 Cardinal Lane, the property offers curbside patient pick-up and drop-off, locker rooms with showers, an amenity bar, bike storage and covered parking. The Wellness Center is part of the larger West Falls mixed-use development by Hoffman & Associates.
COLUMBIA, S.C. — Dwight Capital has financed a $24.5 million HUD 223(f) loan for Wellspring Apartments, a 232-unit, garden-style multifamily community located in Columbia. This loan qualifies for a reduced Green Mortgage Insurance Premium (MIP) totaling 25 basis points. The undisclosed borrower will use the loan to retire existing debt, close costs, fund the replacement reserve account and complete necessary repairs. Keith Hoffman and Aaron Kirshtein of Dwight Capital originated the loan. The apartment community consists of one-, two- and three-bedroom units, and amenities include a clubhouse, leasing office, walking trails, grilling areas, fitness center, valet trash service and a resort-style pool.
MEMPHIS, TENN. — Marcus & Millichap has brokered the sale of Hu. Hotel, a 110-room hotel in downtown Memphis. Built in 1905 and located at 79 Madison Ave., the former Tennessee Trust building has been listed on the National Register of Historic Places since 1982, after which it was converted into a luxury boutique hotel in 2002. The hotel is steps from the Mississippi River, Beale Street and FedExForum Arena, and features a rooftop bar, meeting spaces and a fitness center. Mitchell Presas, Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap’s Miller-Gomes Hotel Team represented the local private buyer, Nick Patel. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee in the transaction.